Income Phase. The period during which you receive payments from your Contract. Investor (also “you” or “participant”): The individual who participates in the Contract through a retirement plan.
Income Phase. During the Income Phase, you start receiving annuity, or Income Phase, payments from your Contract. The Contract offers several Income Phase payment options. However, you will be unable to make withdrawals, and any death benefits and living benefits will terminate. In general, you may: • Receive Income Phase payments over a lifetime or for a specified period; • Receive Income Phase payments monthly, quarterly, semi-annually or annually; • Select an Income Phase option that provides a death benefit to Beneficiaries; or • Select fixed Income Phase payments or payments that vary based on the performance of the Variable Investment Options you select.
Income Phase. During the Income Phase, you start receiving annuity, or Income Phase, payments from your Contract. However, during the Income Phase you will be unable to make withdrawals, and any death benefits and living benefits will terminate. The Contract offers several Income Phase payment options. In general, you may: • Receive Income Phase payments over a lifetime or for a specified period; • Receive Income Phase payments monthly, quarterly, semi-annually or annually; • Select an Income Phase option that provides a death benefit to Beneficiaries; or Withdrawals will not be allowed during the Income Phase. See “THE INCOME PHASE” in the full Contract Prospectus. The Variable Investment Options The Variable Investment Options are Subaccounts within the Separate Account. Each Subaccount invests its assets directly in shares of a corresponding underlying Fund, and each Fund has its own distinct investment objectives, fees and expenses and investment advisers. Earnings on amounts invested in a Subaccount will vary depending upon the performance and fees of the corresponding underlying Fund. You do not invest directly in or hold shares of the Funds. Additional information about each underlying fund is set forth in an appendix to this summary prospectus. See “APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT.” There is no guarantee that your Account Value will increase. Depending upon the investment experience of each Fund in which a Subaccount invests, your Account Value may increase or decrease daily. You bear the investment risk for the Funds in which the Subaccounts invest; you will benefit from favorable investment experience but also bear the risk of poor investment performance. Contract Features
Examples of Income Phase in a sentence
The period of time between the date the Contract became effective and the date you begin receiving Income Phase payments under the Contract.
The availability of a death benefit during the Income Phase depends upon the Income Phase annuity payment option selected.
By remaining in the Accumulation Phase, you retain certain rights and investment flexibility not available during the Income Phase.
Phases of Contract The Contract has two phases: An Accumulation Phase and an Income Phase.
The Annuitant is the person(s) on whose life expectancy the Income Phase payments are calculated.
Systematic Distribution Options If available under your plan, a systematic distribution option allows you to receive regular payments from your account without moving into the Income Phase.
More Definitions of Income Phase
Income Phase. During the Income Phase, you start receiving annuity, or Income Phase, payments from your Contract. However, during the Income Phase you will be unable to make withdrawals, and any death benefits and living benefits will terminate. The Contract offers several Income Phase payment options. In general, you may: • Receive Income Phase payments over a lifetime or for a specified period; • Receive Income Phase payments monthly, quarterly, semi-annually or annually; • Select an Income Phase option that provides a death benefit to Beneficiaries; or
Income Phase. During the Income Phase, you start receiving annuity, or Income Phase, payments from your Contract. The Contract offers several Income Phase payment options. In general, you may: · Receive Income Phase payments over a lifetime or for a specified period; · Receive Income Phase payments monthly, quarterly, semi-annually or annually; · Select an Income Phase option that provides a death benefit to Beneficiaries; or · Select fixed Income Phase payments or payments that vary based on the performance of the Variable Investment Options you select. ISP.01107-22 (Texas K-12 Contracts) 8 Withdrawals will not be allowed during the Income Phase. See “THE INCOME PHASE” in the full prospectus for the Contract. The Variable Investment Options The Variable Investment Options are Subaccounts within the Separate Account. Each Subaccount invests its assets directly in shares of a corresponding underlying Fund, and each Fund has its own distinct investment objectives, fees and expenses and investment advisers. Earnings on amounts invested in a Subaccount will vary depending upon the performance and fees of the corresponding underlying Fund. You do not invest directly in or hold shares of the Funds. Additional information about each underlying fund is set forth in an appendix to this summary prospectus. See “APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT.” There is no guarantee that your Account Value will increase. Depending upon the investment experience of each Fund in which a Subaccount invests, your Account Value may increase or decrease daily. You bear the investment risk for the Funds in which the Subaccounts invest; you will benefit from favorable investment experience but also bear the risk of poor investment performance.
Income Phase. During the Income Phase, you start receiving annuity, or Income Phase, payments from your Contract. The Contract offers several Income Phase payment options. In general, you may: · Receive Income Phase payments over a lifetime or for a specified period; · Receive Income Phase payments monthly, quarterly, semi-annually or annually; · Select an Income Phase option that provides a death benefit to Beneficiaries; or Withdrawals will not be allowed during the Income Phase. See “THE INCOME PHASE” in the full prospectus for the Contract. ISP.75962-22 8 The Variable Investment Options The Variable Investment Options are Subaccounts within the Separate Account. Each Subaccount invests its assets directly in shares of a corresponding underlying Fund, and each Fund has its own distinct investment objectives, fees and expenses and investment advisers. Earnings on amounts invested in a Subaccount will vary depending upon the performance and fees of the corresponding underlying Fund. You do not invest directly in or hold shares of the Funds. Additional information about each underlying fund is set forth in an appendix to this summary prospectus. See “APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT.” There is no guarantee that your Account Value will increase. Depending upon the investment experience of each Fund in which a Subaccount invests, your Account Value may increase or decrease daily. You bear the investment risk for the Funds in which the Subaccounts invest; you will benefit from favorable investment experience but also bear the risk of poor investment performance.
Income Phase. The period beginning on the Annuity Date during which the Payee receives Annuity Payments. Index: The market index used to determine the Index Return for an Indexed Account.
Income Phase. During the Income Phase, you start receiving annuity, or Income Phase, payments from your Contract. The Contract offers several Income Phase payment options. However, you will be unable to make withdrawals, and any death benefits and living benefits will terminate. In general, you may: • Receive Income Phase payments over a lifetime or for a specified period; • Receive Income Phase payments monthly, quarterly, semi-annually or annually; • Select an Income Phase option that provides a death benefit to Beneficiaries; or • Select fixed Income Phase payments or payments that vary based on the performance of the Variable Investment Options you select. For more information about the Income Phase, see “THE INCOME PHASE” in the full prospectus. The Variable Investment Options The Variable Investment Options are Subaccounts within the Separate Account. Each Subaccount invests its assets directly in shares of a corresponding underlying Fund, and each Fund has its own distinct investment objectives, fees and expenses and investment advisers. Earnings on amounts invested in a Subaccount will vary depending upon the performance and fees of the corresponding underlying Fund. You do not invest directly in or hold shares of the Funds. Additional information about each underlying fund is set forth in an appendix to this summary prospectus. See “APPENDIX: FUNDS AVAILABLE UNDER THE CONTRACT.” There is no guarantee that your Account Value will increase. Depending upon the investment experience of each Fund in which a Subaccount invests, your Account Value may increase or decrease daily. You bear the investment risk for the Funds in which the Subaccounts invest; you will benefit from favorable investment experience but also bear the risk of poor investment performance. The Fixed Interest Options The following Fixed Interest Options may be available through the Contract: • The Guaranteed Accumulation Account; and • The Fixed Account. Not all Fixed Interest Options may be available for current or future investment. For descriptions of the Fixed Interest Options that may be available through the Contract, see APPENDIX B and APPENDIX C in the full Contract Prospectus and the Guaranteed Accumulation Account prospectus. The Guaranteed Accumulation Account prospectus may be obtained free of charge by calling Customer Service at 1-000-000-0000. Contract Features